Asian Beauty
Forbes Indonesia|May 2019

How South Korea’s leading beauty company AmorePacific plans to stay on top.

Asian Beauty

The South Korean cosmet-ics industry, better known as K-beauty, has become an Asian powerhouse and global phenomenon for its rigorous multi-step skincare regimens. This is not just consumerism gone mad, but a part of the Korean culture. South Korea is home to one of the world’s top 10-beauty industries, worth in excess of $10 billion, according to market research firm Mintel. AmorePacific Corp. is one of the players that has allowed KBeauty to go global.

AmorePacific is the largest beauty company in South Korea. Founded back in 1945, the company controls 30% of the beauty market share nationwide with a total of 28 beauty brands, among them Sulwhasoo, Laneige, Innisfree, and Etude House. Last year, AmorePacific booked revenues of 6.07 trillion ($5.3 billion), although it saw a decrease in net profits from $350 million in 2017 to $307 million in 2018 as a result of fierce competition mainly from global luxury players and a plunge in the number of Chinese tourists visiting South Korea (Chinese tourists are one of its key sources of revenue).

The overall popularity of Korean makeup has led AmorePacific to expand its business globally. Entering the Indonesian market in 2013, AmorePacific has become one of the top-five beauty companies in the country with sales growth of up to 55% last year, surpassing the national growth in the sector, which was 20%. “To grow more, this year, we are planning to expand our brand portfolios and increase distribution channels in Indonesia,” says Eunsan Jeong, director of AmorePacific Indonesia.

This story is from the May 2019 edition of Forbes Indonesia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the May 2019 edition of Forbes Indonesia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FORBES INDONESIAView All
BACK ON TRACK
Forbes Indonesia

BACK ON TRACK

Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.

time-read
10+ mins  |
December 2021
Championing Locals
Forbes Indonesia

Championing Locals

The wave of social commerce is enabling inclusive digital economies beyond urban areas.

time-read
6 mins  |
December 2021
Boys in the Bubble
Forbes Indonesia

Boys in the Bubble

Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.

time-read
6 mins  |
December 2021
Enduring Relations
Forbes Indonesia

Enduring Relations

The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.

time-read
6 mins  |
December 2021
Sweet Success
Forbes Indonesia

Sweet Success

Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.

time-read
5 mins  |
December 2021
Marathon Man
Forbes Indonesia

Marathon Man

Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.

time-read
5 mins  |
December 2021
Gold Rallies on Inflation Fears
Forbes Indonesia

Gold Rallies on Inflation Fears

During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.

time-read
2 mins  |
December 2021
Set Off to A New Start
Forbes Indonesia

Set Off to A New Start

Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.

time-read
5 mins  |
December 2021
The Daily Intake
Forbes Indonesia

The Daily Intake

YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.

time-read
4 mins  |
December 2021
THE CROESUS OF CRYPTO
Forbes Indonesia

THE CROESUS OF CRYPTO

FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.

time-read
10+ mins  |
November 2021